5 Ways to Regain Lost Customers

In my recent blog series exploring the importance of customers and how crucial it is to regain customers you have lost, I’ve shown just how beneficial customers can be to your company’s bottom line. You might agree, you might not. But, truth be told if you could regain that capital from customers it definitely wouldn’t hurt.

5 ways to regain lost customers

So, how do you go about identifying those lost customers (it can be as easy as one click with the right tool) and then getting these customers to come back to your services? After all, they must have left for a reason, so why would they even want to come back. In this latest installment of my blog series focusing on lost customers I want to discuss 5 strategies you can use to regain your lost customers.

These 5 strategies come from an article on businessbrief.com and is written by Ken Dooley. I have chosen 5 strategies to highlight but you can read all “10 Strategies to Win Back Lost Customers” here. The 5 I have chosen to discuss are:

“Let former customers know you’re interested in finding out why the business was lost. One study showed that many former customers stopped buying because no one let them know they were valuable to the company.”

  • People (and companies) want to know they matter, that they can have a voice and be heard. It’s always nice to be appreciated. When you go back to talk to your lost customer be sure to remind them they are important to your company and that you will express this in the future.

“Take responsibility for your actions and those of your company. Admit your mistakes, and take responsibility for everything that was done to lose the customer in the first place.”

  • You might have to admit to the egg on your face. It’s a part of life, mistakes get made. The best thing to do is to admit your faults, fix them and then move on. Take the time to apologize for what drove your customer away and admit to anything wrong on your end. It will make them feel a lot more comfortable about coming back.

“Understand that former customers are trying to make or save money by increasing sales or reducing costs. You can sell them again if you show former customers how to create and hold an economic advantage.”

  • Show them the business value of coming back. Make them understand that your company is the best thing for them, not for you. At the end of the day they are still a business owner and need to see financial benefits to themselves.

“Give former customers information about anything new or different that you’re providing.”

  • Depending on how long ago they left, your company could be completely different. Introduce them to everything that is new, any bugs that may have been fixed. Or show them any growth your company has made. Show them you aren’t the same company any more, it could raise just enough intrigue that they decide to come back.

“Assure former customers that regardless of what happened in the past, things will be different in the future.”

  • It may take some time but you need to prove to your lost customers that the second time around won’t be the same as the first. Reassure them you’ve fixed the issues you had in the past and that you are a better supplier.

As I said these are just 5 of the ways to regain lost customers which I wanted to highlight in this article. You can go check out the other 5 in the rest of the article. Please feel free to mention any strategies you have used in the past that have worked out well for your company.

Like this blog? Please subscribe, share with colleagues and also follow us on LinkedIn or Twitter and we will send you notifications on all future blogs.

Request a Demo of Cutwater's AIM (Advanced Inventory Manager)
Click Here
  • mario kresnadi

    Good points, thanks for wirting the article. I wonder is there any sample of engagement letters/email on those bullet points?

Subscribe to receive inventory management insights from Cutwater!

Subscribe!